Gold News & Info

Source: Marketwatch

San Francisco— Gold futures inched lower Friday as fears that China may take additional steps to control inflation trumped a late-hour attempt to settle in the black. Gold for December delivery retreated 70 cents, less than 0.1%, to $1,352.30 an ounce on the Comex division of the New York Mercantile Exchange. The gold contract had risen earlier, and hit an intraday high of $1,362.90 an ounce in electronic trading. As floor trading drew to a close, gold pared its losses and aimed for gains, at times touching positive territory.

China�s central bank announced Friday that banks will have to put up 0.5% more in reserve requirements as the country frets over inflation. Markets are fully expecting more inflation-controlling steps out of Beijing over the weekend, said Darin Newsom, commodities analyst with DTN Telvent in Omaha. �That seems to have left almost all commodities on edge,� he said, adding that traders didn�t want to stay invested during the weekend. See full story.